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McCaffery, Hines land $51M loan for Lincoln Common condos
The 32-unit building joins two rental buildings, senior housing, offices and retail space on the former site of Children’s Memorial Hospital in Lincoln Park
McCaffery Interests and Hines Interests this week started construction on the condominium portion of their Lincoln Common mixed-use development, and now they have the financing to back it up.
The joint venture secured a $51 million loan from Wells Fargo for The Orchard, a seven-story, 32-unit condo building at the corner of Lincoln Avenue and Orchard Street.
The building will join two 20-story apartment buildings in Lincoln Common that opened last month.
A McCaffery spokesperson did not immediately return a call seeking comment, but the firm’s CEO told Crain’s this week that the condos will start around $2 million. Preliminary plans call for 25 three-bedrooms starting at 2,400 square feet, four four-bedrooms starting at 3,600 square feet and three two-bedrooms starting at 1,650 square feet.
Jameson Sotheby’s International Realty is marketing the condos.
Work began last year on the $350 million redevelopment of the site of the former Children’s Memorial Hospital, which also includes a six-story office building, the Belmont Village senior living facility, more than 100,000 square feet of office and retail space and an acre of public space. The retail portion will be anchored by an Equinox fitness club.
The condo building is the last to get underway, and units should deliver by late next year. Once completed, the project will have some 750 residential units.